E. A. Juffali and Brothers raises stake in Wataniya Insurance by 2 mln shares via SAR 24 mln negotiated deal

08/02/2023 Argaam

E. A. Juffali and Brothers raises stake in Wataniya Insurance by 2 mln shares via SAR 24 mln negotiated deal

Logo of Wataniya Insurance Co. 

Wataniya Insurance Co. said it received an email from E A Juffali and Brothers informing the insurer about a negotiated off-market transaction through which New Reinsurance Co. Ltd sold two million shares, or 5% of Wataniya’s capital, to E.A. Juffali and Brothers, at SAR 12 per share. Total value of the deal amounted to SAR 24 million. 

 

After the completion of the transaction, New Reinsurance will no longer be a shareholder in Wataniya, according to a statement on Tadawul. 

 

The transaction will also result in increasing E A Juffali and Brothers’ stake from 11.125% to 16.125% in Wataniya, with 6.45 million shares. 

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